March 1, 2017 Curriculum Vitae BURTON G. MALKIEL Home Address 76 North Road (609) 924-5015 (home) Princeton, NJ 08540 (609) 258-6445 (office) (609) 258-0771 (fax) Date of Birth August 28, 1932 Education 1943-1949 Boston Latin School 1949-1953 Harvard College, BA, June 1953 1953-1955 Harvard Graduate School of Business Administration, MBA, June 1955 1960-1964 Princeton University, Ph.D., January 1964 Military Service 1955-1958 First Lieutenant in the Finance Corps of the U.S. Army Business Career 1958-1960 Associate in the Investment Banking Department of the Wall Street investment banking firm of Smith Barney & Company Government Service 1975-1977 Member, Council of Economic Advisors Academic Career 1964-1966 Assistant Professor, Economics Department, Princeton University 1966-1981 Director, Financial Research Center, Princeton University 1966-1968 Associate Professor, Economics Department, Princeton University 1968-1981 Professor, Economics Department, Princeton University Gordon S. Rentschler Memorial Professor 1 1974-1975 Chairman, Economics Department, Princeton University 1977-1981 Chairman, Economics Department, Princeton University 1981-1988 Dean, Yale School of Organization and Management and William S. Beinecke Professor of Management Studies 1988-2012 Professor, Economics Department, Princeton University Chemical Bank Chairman’s Professorship 2012- Senior Research Economist, Princeton University Business Career Professional Posts Formerly Held Director, The Vanguard Group of Investment Companies Director, Prudential Insurance Company of America Director, BKF Capital Group Director Armtek Director AmdahCorp. Director, Sector Spiders Director, SNET Director, CareGain Director, NeuVis Corporation Director, The Jeffrey Company Director, Princeton Bank & Trust Co. Investment Committee, Pew Charitable Trusts Governor, American Stock Exchange Chairman, New Products Committee, American Stock Exchange Chairman Investment Committee. Active Index Advisors Member, Council of Economic Advisors Professional Posts Currently Held Director, Theravance Biopharma, Inc. Director, Genmab A/S Director, Vanguard, Europe Chair, Investment Committee, Alpha Shares 2 Chief Investment Officer, Alpha Shares Editorial Board Member, Emerging Markets Review and Applied Financial Economics Investment Committee, American Philosophical Society Chief Investment Officer, Wealthfront Memberships American Finance Association (President, 1978) American Economic Association International Atlantic Economic Society (President 2007) Various government and non-government advisory panels Awards, Honors European Financial Management 2003 Best Paper Award Third Annual Bernstein Fabozzi/Jacobs Levy Award, Journal of Portfolio Management, volume year 2000-2001 Smith Breeden Prize for best article in the Journal of Finance, 2001 Elected Member, American Philosophical Society, 2001 Honorary Doctor of Humane Letters Degree from the University of Hartford, June 1971 Phi Beta Kappa Harvard Business School Alumni Achievement Award for 1984 Eastern Finance Association, Distinguished Scholar Award, 2004 Published Books International Monetary Arrangements: The Problem of Choice, (co-editor with Fritz Machlup, and author of position paper), Princeton, 1964. The Term Structure of Interest Rates: Expectations and Behavior Patterns, Princeton University Press, Princeton, NJ, December 1966. Strategies and Rational Decisions in the Securities Options Market, (with Richard E. Quandt), MIT Press, Cambridge, 1969. A Random Walk Down Wall Street, W. W. Norton & Co., New York, 1973; Revised College Edition, 1975; Second College Edition 1981; Fourth Edition, 1985; Fifth Edition, 1990; Japanese Edition, 1993; Sixth Edition, 1996; Seventh Edition, 1999; Japanese Edition, 3 2000; Seventh Edition Paperback, 2000; Eighth Edition, 2003; paperback edition, 2004; Ninth Edition, 2007; Chinese Edition Paperback, 2004; French Canadian Edition – Le Guide De L’Investisseur Paperback, 2001; Italian Edition – A zonzo per Wall Street, printed November 2001 and a Russian Edition, printed 1999. Also, selected chapters of book (German translation) in "Strategie und Zufall an der Borse," Zurcher Kantonalbank Publisher, Zurich, Switzerland, October 1988, pp. 29-109. Un paseo aleatorio por Wall Street, Alianza Editorial, Madrid, 1992; Ninth edition, 2007; Tenth edition 2011; Paperback of Tenth edition 2012; Eleventh edition 2015. Eleventh edition, paperback ed. 2016. Editions in six additional foreign languages. Managing Risk in an Uncertain Era: An Analysis for Endowed Institutions, (with Paul B. Firstenberg), Princeton, 1976. The Inflation-Beater's Investment Guide, W.W. Norton & Co., New York, 1980. Revised paperback edition, Winning Investment Strategies, 1982. Expectations and the Structure of Share Prices, (with John G. Cragg), University of Chicago Press, Chicago, 1982. Global Bargain Hunting: The Investor's Guide to Profits in Emerging Markets, (with J.P. Mei), Simon & Schuster, New York, January 1998. Foreword of Naked Economics Undressing the Dismal Science, Charles Wheelan, W.W. Norton & Company, New York, 2002. The Random Walk Guide to Investing: Ten Rules For Financial Success, W.W. Norton & Co., New York, 2003. Foreword of Capital: The Story of Long-Term Investment Excellence, Charles D. Ellis, John Wiley & Sons, Hoboken, New Jersey, 2004. “From Wall Street to the Great Wall: Investment Opportunities in China” 2008 CFA Institute Annual Conference Report, Vancouver, British Columbia, Canada on May 2008. “Interest Rates” in The Concise Encyclopedia of Economics, David Henderson, ed., Blackwell 2008, pp 286-288. “The Chinese Economic Miracle: Can It Last?” American Philosophical Society Proceedings, 2008 From Wall Street to the Great Wall (with Patricia A. Taylor, Jianping Mei, and Rui Yang). W.W. Norton & Co., New York, December 2007; German Edition – Von der Wall Street zur Chinesischen Mauer, 2008. From Wall Street to the Great Wall, revised 2nd edition, (with Patricia A. Taylor, Jianping Mei, and Rui Yang). W.W. Norton & Co., New York, December 2008 The Elements of Investing (with Charles Ellis). John Wiley and Sons., Inc. November 2009. The Elements of Investing (with Charles Ellis). Revised, John Wiley and Sons, Inc. January 2013. 4 A Random Walk Down Wall Street (11th Edition). WW Norton and Company, December 2014. The Elements of Investing (with Charles Ellis) Chinese edition, John Wiley and Sons, 2015. A Random Walk Down Wall Street, 11th Edition, Paperback, WW Norton, 2016 Publications - Articles "Expectations, Bond Prices, and the Term Structure of Interest Rates," Quarterly Journal of Economics, May 1962, Vol. 76, pp. 197-218. Reprinted in E. Bruce Fredrikson, Frontiers of Investment Analysis, Second Edition, Scranton, 1971. Selected Academic Readings format by Simon & Schuster. "The Rejection of the Triffin Plan and the Alternative Accepted," Journal of Finance, Vol. 18, September 1963, pp. 511-536. "U.S. Tax Law and the 'Locked In' Effect," (with Edward J. Kane), National Tax Journal, Vol. 16, No. 4, December 1963, pp. 389-396. "Equity Yields, Growth, and the Structure of Share Prices," American Economic Review, Vol. 53, No. 5, December 1963, pp. 1004-1031. "The Term Structure of Interest Rates," American Economic Review, Vol. 54, No. 3, May 1964, pp. 532-543. "Bank Portfolio Allocation, Deposit Variability, and the Availability Doctrine," (with Edward J. Kane), Quarterly Journal of Economics, Vol. 79, February 1965, pp. 113-134. "The Strategy of Advance Refunding," National Banking Review, June 1965, pp. 493-505. "The Valuation of Convertible Securities," (with William J. Baumol and Richard E. Quandt), Quarterly Journal of Economics, Vol. 80, February 1966, pp. 48-59. Reprinted in E. Bruce Fredrikson, Frontiers of Investment Analysis, Second Edition, Scranton, 1971. "How Yield Curve Analysis Can Help Portfolio Managers," The Institutional Investor, May 1967, pp.16 ff. "The Term Structure of Interest Rates: An Analysis of a Survey of Interest-Rate Expectations," (with Edward J. Kane), Review of Economics and Statistics, Vol. 49, August 1967, pp. 343-355. "The Firm's Optimal Debt-Equity Combination and the Cost of Capital," (with William J. Baumol), Quarterly Journal of Economics, Vol. 81, November 1967, pp. 547-578. Reprinted in Readings in Finance, Mark Publishing Company. "The Consensus and Accuracy of Some Predictions of the Growth of Corporate Earnings," (with John G. Cragg), The Journal of Finance, Vol. 23, No. 1, March 1968, pp. 67-84. Reprinted in The Handbook of Corporate Earnings Expectations Analysis, Company Performance 5 and Stock Market Evaluation, Probus Publishing. 6 "The Allocation of Retirement Funds Between TIAA and CREF," The American Association of University Professors Bulletin, Vol. 54, No. 1, Spring 1968, pp. 59-63. "U.S. Balance of Payments and the Gold Problem," University, Summer 1968, pp. 26-32. "Can Options Improve an Institution's Performance?" (with Richard E. Quandt), The Institutional Investor, November 1968, pp. 55-59. "Income Bonds as a Financing Instrument for Businessmen in Depressed Areas," prepared for 2nd Annual Report of Economic Policy Council and Office of Economic Policy of the Department of the Treasury of the State of New Jersey, June 1969. "Expectations and Interest Rates: A Cross-Sectional Test of the Error-Learning Hypothesis," (with Edward J. Kane), Journal of Political Economy, Vol. 77, No. 4, July-August 1969, pp. 453-470. "An Organized Option Market and the Public Interest," (with William Baumol and Richard E. Quandt), Public